He's wrong. There are so many things wrong with his opinion, but the principal fallacy is in his supposition that when the only way for people to have access to fashion was to have a crap load of money, that somehow you had a more educated customer. I would say that, if nothing else, the various high street collaborations are considerably better than the licensing deals of the 70s. At least, in these collaborations, the designers actually have a hand in the design of these garments.